What Is a High Yield Checking Account?

Want to make your money work harder for you? Think high-yield savings accounts are the only way? Guess again! High-yield checking accounts are a great way to earn some extra cash while still enjoying all the perks of a regular checking account.

Curious? Let’s see how this type of account can put more money back in your pocket.

here's a quick look at what we'll cover

what's a high yield checking account?

A high-yield checking account is a special type of checking account that pays you more interest (called Annual Percentage Yield or APY) than a regular checking account.

Here's what that means:

• Higher Interest Rate: The credit union or bank gives you a higher percentage of money back on the balance in your account. This is like earning extra money just for keeping your money in the account.

• Grow Your Checking: With the higher interest rate, your funds can grow faster over time compared to a traditional checking account.
• Everyday Use: You can still use the account for normal things like depositing money, writing checks, using a debit card to buy things, and making online transactions.

what are the requirements for a high yield checking account?  

High-yield checking accounts function much like regular checking accounts. You can deposit money, write checks, use a debit card, and make online transactions. The main difference is the interest rate.

To qualify for the high yield, you may need to meet certain requirements. Here's a breakdown:

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By meeting these requirements, you can enjoy the benefit of earning a higher interest rate on your checking account balance. However, if you fail to meet the conditions, you may still use the account like a regular checking account, but without the high yield.

can i access my money anytime with high yield checking accounts?

Yes, high-yield checking accounts generally offer the same access to your funds as regular checking accounts. You can withdraw money at ATMs, write checks, and make electronic transfers without significant restrictions.

are high yield checking accounts fixed or variable?  

The Annual Percentage Yield (APY) on high-yield checking accounts is typically variable. This means that the interest rate can fluctuate over time based on factors such as market conditions, changes in the Federal Reserve's interest rates, and the policies of the financial institution offering the account. Unlike fixed-rate accounts, where the interest rate remains constant for a specified period, variable-rate accounts can see their yields increase or decrease, impacting the amount of interest you earn on your deposited funds.

It’s important to periodically monitor the APY associated with your high-yield checking account. Financial institutions may adjust rates in response to economic shifts, so staying informed allows you to better understand how much interest you're earning and make informed decisions about your savings strategy.

are there any fees associated with high yield checking accounts?

Most high-yield checking accounts have minimal or no monthly maintenance fees, but it's essential to review the fee structure of the account you're considering. Some financial institutions may charge fees for falling below a minimum balance or using out-of-network ATMs. 

If you're curious or worried about how to keep your hard-earned money free from pesky fees - click "No Fees!" below to learn how.

how can a high yield checking account help you achieve your goals 

Unlike traditional checking accounts, high-yield checking accounts offer significantly higher interest rates, enabling you to grow your savings faster. By earning more on your deposited funds, you can reach financial milestones—such as: 

• Building an emergency fund
• Saving for a major purchase
• Investing in future goals

— sooner than with standard accounts. Additionally, these accounts often come with the same conveniences as regular checking accounts, including online banking, bill pay, and a debit card, making it easier to manage your finances efficiently while maximizing your earning potential.

does skyla offer high yield checking accounts?

Yup! It's called Simply Prosper Checking! You can enjoy features like a free contactless Visa debit card, no minimum balance requirements, no monthly fees, mobile deposit capabilities, and competitive interest rates. Click below if you're interested and want to start elevating your earnings.